CXO concept surges strongly, Fushengyao Pharma hits 20% daily limit up, Wuxi AppTec and others rise

CXO concept gained momentum and rose during the trading session on the 24th. As of the latest report, Fuxiang Pharmaceutical hit the 20% daily limit-up, Jinkai Shengke rose over 10%, MinoPharm also hit the limit-up, and WuXi AppTec increased by more than 5%.

WuXi AppTec’s 2025 annual report released on the evening of the 23rd shows that during the reporting period, the company achieved operating revenue of 45.46 billion yuan, a year-on-year increase of 15.8%. Revenue from continuing operations grew by 21.4% year-on-year. The company’s total profit increased by 107.16%, and net profit attributable to shareholders of the listed company increased by 102.65%.

WuXi AppTec stated that the company continues to focus on and strengthen the CRDMO business model, with sustained revenue growth. Meanwhile, it continues to optimize production processes and operational efficiency, and the growth of late-stage clinical and commercial projects has led to continuous improvements in capacity utilization, enhancing overall profitability. Additionally, the sale of part of its stake in the joint venture WuXi XDC Cayman Inc. and the divestment of certain business segments further boosted the company’s profits.

The company also mentioned that as capacity continues to increase to better meet customer needs, as of the end of December 2025, the company’s ongoing business backlog was 58 billion yuan, a 28.8% year-on-year increase. The company expects total revenue for 2026 to reach between 51.3 billion and 53 billion yuan, with revenue from continuing operations growing by 18% to 22% year-on-year.

Regarding innovative drugs, China Securities points out that the sector is generally trending upward with some volatility. On one hand, liquidity factors are gradually stabilizing; on the other hand, since the beginning of the year, both BD and recent key project data have been continuously strengthening the logic of enhancing the competitiveness of domestically produced innovative drugs. From a mid-term perspective, 2026-2027 is a relatively quiet period when key projects have gone overseas but commercialization has not yet started. The strong logical beta opportunities are not yet clear, but clinical data validation of individual stocks, such as Gakosi Pan-KRAS inhibitor and Kelun Botai’s Sac-TMT, continues to demonstrate the global competitiveness of domestic new drugs. There is confidence in the medium- to long-term global commercialization prospects of domestic new drugs, and it is recommended to gradually increase holdings at this stage.